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Tata Group files caveats to prevent legal challenge from Cyrus Mistry

Tata Group files caveats to prevent legal challenge from Cyrus Mistry

India Blooms News Service | | 25 Oct 2016, 10:15 pm
Mumbai, Oct 25 (IBNS): In an attempt to prevent Cyrus Mistry from challenging his removal as Chairman of Tata Sons legally, the group has filed caveats in the Mumbai High Court and at the National Company Law Tribunal, media reports said.

However, Cyrus Mistry has also made it clear that he did not initiate any legal action against Tata Sons.

"Tatas have filed caveats seeking notice from Cyrus Mistry fearing legal action. Cyrus has not filed any caveats. He has already made a statement that such concerns are misplaced at this stage," Mistry's office was quoted as stating by NDTV.

Tata Sons on Monday announced that its board replaced Cyrus P. Mistry as Chairman of Tata Sons.

The Board has named Ratan N. Tata as Interim Chairman of Tata Sons.

According to reports, at the Board meeting, Mistry called his removal "illegal."

He reportedly sought a 15-day notice period to make a case for himself according to the Tata rule book.

Following the announcement on Monday, Ratan Tata wrote a letter to his employees where he stated that :"In the interim, the Board has requested me to perform the role of the Chairman and I have agreed to do so in the interest of the stability of and reassurance to the Tata Group."